The insurer has also offered wider home cover in northern Western Australia and pledged A$20m (US$14m) for community resilience as it seeks ACCC approval.
The companies argue the regulator failed to assess the acquisition as part of their broader strategic alliance, including distribution and brand licensing arrangements.
The deal covers claims with an aggregate face value of about A$2.8bn (US$1.96bn) plus interest, leaving only White Oak's claims of about A$170m outstanding.
The insurer said any settlement would not be expected to have a material impact on its financial position or FY2027 results, based on anticipated recoveries.
The insurer will allocate A$500k (US$360k) through its Help Fund to support Australian solutions that help communities prepare for, adapt to and recover from climate impacts.
The insurer's proposed undertakings include annual product benchmarking, pricing safeguards and protections for smash repair providers in Western Australia.
